Scannell Properties buys Powers Avenue land for warehouse project
Posted by Carlos Renteria on
Scannell Properties, which is developing a North Jacksonville industrial park, paid almost $1.1 million for 7.8 acres along Powers Avenue in Southside to build an 85,000-square-foot distribution center.
Scannell Properties #458 LLC bought the vacant land Sept. 15 from the Charles W. Bostwick Revocable Trust. The Powers Avenues site is east of St. Augustine Road and west of Philips Highway.
“There has been a consistent deal flow. Tenants are upgrading space and there is a national demand for tenants to take advantage of the Jacksonville port,” he said.
“Activity remains strong.”
MacDonald said the property will be developed with a speculative building for tenants needing from 10,000 to 40,000 square feet of space. He said there likely would be up to four tenants but with flexibility for more.
“There is no new product that can accommodate users in the 40,000 down to the 10,000-square-foot range,” he said. “We are targeting those.”
He did not have a projected investment cost in the development. There also is no name yet.
Kimley-Horn and Associates Inc. is the civil engineer.
The area industrial vacancy rate averaged 5.7% to 8.5% in the second quarter, according to reports by real estate brokers.
Indianapolis-based Scannell named its first area project Freebird Commerce Center to recognize Jacksonville’s music heritage with hometown group Lynyrd Skynyrd’s 1973 hit song.
Those two buildings, along Vantage Way near Jacksonville International Airport, total almost 274,000 square feet. MacDonald said 52,000 square feet of space remains available in Building One, and the 117,750-square-foot Building Two also is open for a tenant.
Cushman & Wakefield of Florida LLC Senior Directors Jacob Horsley and Tyler Newman represent the Freebird property.
Lowe’s Companies Inc. is leasing 104,000 square feet in Building One for ecommerce distribution.
“That is where we are seeing the lion’s share of the demand, the result of the pandemic,” MacDonald said of the e-commerce business.
He said Scannell continues to look for property in the Jacksonville market.
“We don’t have any under contract but we are keeping close pulse on it to find the next opportunity.”